Gahan’s plan for keep Pillsbury: A $7 million bond issue.

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Props to the News and Tribune’s Daniel Suddeath, who is tweeting about the city’s offer to General Mills.

New Albany City Council to consider $7 million bond package Tuesday to update Pillsbury Plant in hopes of keeping facility open.


The bond incentive resolution for General Mills deal states the Pillsbury plant in New Albany would have to stay open a min. of 5 years.


If resolution approved, New Albany Redevelopment Commission and NA Council would have to take additional votes, same as any bond issue.


According to city, Pillsbury plant paid $661k in property taxes in 2014 and $7 million over last decade.


The financing plan would be a mix of tax-increment financing and possibly EDIT money, per David Duggins, city economic development director.

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